New Insights Summer '18 Article: Insurers’ Reliance on Big Data: What Does It Mean for Insurance Regulation?

Mon, 07/09/2018 - 15:15

by Paul Tetrault

While insurers’ use of sizable quantities of information is nothing new, insurance regulators have shown increased interest in the ever-expanding use of new kinds and large quantities of data that may be referred to as big data. This article reviews areas of concern surrounding this topic, as noted by some regulators, while also citing potential consumer benefits and the concerns of industry representatives regarding how regulators may address insurers’ increased use of information in more complex and sophisticated ways going forward.